EMERALD ADVISERS, LLC

LEOLA, PA · CIK 1015083 · 13F filing filed 2025-02-11

SEC-registered investment adviser since 1991 · limited liability company

Assets managed$3.3bn
Staff35 · 17 in investment roles
Main clients (by assets)State and local governments 62%, Pension plans 23%, Private funds 7%
Websiteteamemerald.com
Form ADV · 2026-03-31SEC adviser record

Legal entityEmerald Advisers, LLC (US)

$2.6bn reported value -0.2% vs Q3 2024

254positions

22.3%in top 10

33 new 93 added 110 reduced 27 sold out vs Q3 2024

Holdings, Q4 2024

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	CREDO TECHNOLOGY GROUP HOLDI ORDINARY SHARES CRDO	CRDO	1,376,927	$92.5m3.58%	3.58%	Reduced -216.2k	-216,155 -13.6%
2	FTAI AVIATION LTD SHS FTAI	FTAI	622,273	$89.6m3.47%	3.47%	Reduced -6.7k	-6,659 -1.1%
3	FRESHPET INC COM FRPT	FRPT	498,032	$73.8m2.86%	2.86%	Reduced -16.0k	-15,972 -3.1%
4	Q2 HLDGS INC COM QTWO	QTWO	484,314	$48.7m1.89%	1.89%	Reduced -136.6k	-136,563 -22.0%
5	CHART INDS INC COM GTLS	GTLS	249,438	$47.6m1.84%	1.84%	Reduced -3.2k	-3,223 -1.3%
6	INSMED INC COM PAR $.01 INSM	INSM	684,636	$47.3m1.83%	1.83%	Reduced -5.2k	-5,171 -0.8%
7	PALOMAR HLDGS INC COM PLMR	PLMR	435,043	$45.9m1.78%	1.78%	Reduced -14.9k	-14,930 -3.3%
8	RADNET INC COM RDNT	RDNT	657,189	$45.9m1.78%	1.78%	Reduced -12.1k	-12,061 -1.8%
9	KRATOS DEFENSE & SEC SOLUTIO COM NEW KTOS	KTOS	1,619,694	$42.7m1.66%	1.66%	Reduced -121.6k	-121,557 -7.0%
10	SKYWARD SPECIALTY INS GROUP COM SKWD	SKWD	823,404	$41.6m1.61%	1.61%	Reduced -51.2k	-51,177 -5.8%
11	VARONIS SYS INC COM VRNS	VRNS	925,542	$41.1m1.59%	1.59%	Reduced -8.1k	-8,114 -0.9%
12	WAVE LIFE SCIENCES LTD SHS 96663EUR	96663EUR	3,162,369	$39.1m1.52%	1.52%	Added +280.9k	+280,859 9.8%
13	TRAVERE THERAPEUTICS INC COM TVTX	TVTX	2,125,744	$37.0m1.43%	1.43%	Added +165.1k	+165,085 8.4%
14	CARPENTER TECHNOLOGY CORP COM CRS	CRS	215,863	$36.6m1.42%	1.42%	Reduced -154.1k	-154,143 -41.7%
15	INTRA-CELLULAR THERAPIES INC COM ITCI	ITCI	438,066	$36.6m1.42%	1.42%	Reduced -3.2k	-3,230 -0.7%
16	BLUEPRINT MEDICINES CORP COM BPMC	BPMC	416,866	$36.4m1.41%	1.41%	Added +41.0k	+41,000 10.9%
17	LUMENTUM HLDGS INC COM LITE	LITE	425,079	$35.7m1.38%	1.38%	Added +46.5k	+46,544 12.3%
18	LIVANOVA PLC SHS LIVN	LIVN	752,540	$34.9m1.35%	1.35%	Added +57.0k	+57,035 8.2%
19	THE BALDWIN INSURANCE GRP IN COM CL A BWIN	BWIN	867,072	$33.6m1.30%	1.30%	Reduced -17.2k	-17,227 -1.9%
20	AXOS FINANCIAL INC COM AX	AX	479,120	$33.5m1.30%	1.30%	Reduced -26.4k	-26,424 -5.2%
21	ATI INC COM ATI	ATI	602,039	$33.1m1.28%	1.28%	Reduced -35.4k	-35,429 -5.6%
22	AEROVIRONMENT INC COM AVAV	AVAV	214,010	$32.9m1.28%	1.28%	Reduced -3.7k	-3,656 -1.7%
23	VITAL FARMS INC COM VITL	VITL	864,323	$32.6m1.26%	1.26%	Added +157.9k	+157,883 22.4%
24	SHIFT4 PMTS INC CL A FOUR	FOUR	313,845	$32.6m1.26%	1.26%	Reduced -85.0k	-84,962 -21.3%
25	BRIDGEBIO PHARMA INC COM BBIO	BBIO	1,150,868	$31.6m1.22%	1.22%	Added +47.4k	+47,360 4.3%
26	MOELIS & CO CL A MC	MC	426,994	$31.5m1.22%	1.22%	Reduced -13.3k	-13,336 -3.0%
27	INTERDIGITAL INC COM IDCC	IDCC	161,800	$31.3m1.21%	1.21%	Reduced -19.2k	-19,187 -10.6%
28	AGILYSYS INC COM AGYS	AGYS	234,007	$30.8m1.19%	1.19%	Reduced -5.4k	-5,448 -2.3%
29	MODINE MFG CO COM MOD	MOD	261,838	$30.4m1.18%	1.18%	Reduced -2.5k	-2,511 -0.9%
30	AAR CORP COM AIR	AIR	490,160	$30.0m1.16%	1.16%	Reduced -1.2k	-1,246 -0.2%
31	MERIT MED SYS INC COM MMSI	MMSI	302,755	$29.3m1.13%	1.13%	Reduced -12.4k	-12,424 -3.9%
32	RAMBUS INC DEL COM RMBS	RMBS	543,829	$28.7m1.11%	1.11%	Reduced -17.6k	-17,585 -3.1%
33	OLLIES BARGAIN OUTLET HLDGS COM OLLI	OLLI	254,822	$28.0m1.08%	1.08%	Reduced -2.5k	-2,475 -1.0%
34	FABRINET SHS FN	FN	123,001	$27.0m1.05%	1.05%	Added +29.8k	+29,834 32.0%
35	TTM TECHNOLOGIES INC COM TTMI	TTMI	1,072,133	$26.5m1.03%	1.03%	Added +321.9k	+321,853 42.9%
36	SOLENO THERAPEUTICS INC COM SLNO	SLNO	580,919	$26.1m1.01%	1.01%	Added +267.6k	+267,585 85.4%
37	FORMFACTOR INC COM FORM	FORM	588,743	$25.9m1.00%	1.00%	Reduced -16.0k	-15,981 -2.6%
38	NEOGENOMICS INC COM NEW NEO	NEO	1,557,437	$25.7m0.99%	0.99%	Reduced -124.8k	-124,777 -7.4%
39	PDF SOLUTIONS INC COM PDFS	PDFS	924,345	$25.0m0.97%	0.97%	Added +29.1k	+29,097 3.2%
40	LOUISIANA PAC CORP COM LPX	LPX	239,438	$24.8m0.96%	0.96%	Reduced -77.8k	-77,803 -24.5%
41	TENABLE HLDGS INC COM TENB	TENB	615,929	$24.3m0.94%	0.94%	Reduced -212.3k	-212,272 -25.6%
42	MACOM TECH SOLUTIONS HLDGS I COM MTSI	MTSI	180,293	$23.4m0.91%	0.91%	Reduced -6.2k	-6,185 -3.3%
43	COLLEGIUM PHARMACEUTICAL INC COM COLL	COLL	811,680	$23.3m0.90%	0.90%	Reduced -15.6k	-15,622 -1.9%
44	TRANSMEDICS GROUP INC COM TMDX	TMDX	371,711	$23.2m0.90%	0.90%	Added +220.8k	+220,804 146.3%
45	FULTON FINL CORP PA COM FULT	FULT	1,170,920	$22.6m0.87%	0.87%	Reduced -136.6k	-136,639 -10.4%
46	APPLIED OPTOELECTRONICS INC COM AAOI	AAOI	606,997	$22.4m0.87%	0.87%	Added +80.5k	+80,539 15.3%
47	ALLEGIANT TRAVEL CO COM ALGT	ALGT	236,460	$22.3m0.86%	0.86%	New
48	ULTRAGENYX PHARMACEUTICAL IN COM RARE	RARE	518,328	$21.8m0.84%	0.84%	Reduced -51.5k	-51,470 -9.0%
49	FIRST ADVANTAGE CORP NEW COM FA	FA	1,153,228	$21.6m0.84%	0.84%	Reduced -29.8k	-29,822 -2.5%
50	BJS RESTAURANTS INC COM BJRI	BJRI	583,828	$20.5m0.79%	0.79%	Added +14.6k	+14,607 2.6%
51	RXO INC COMMON STOCK RXO	RXO	852,493	$20.3m0.79%	0.79%	Added +52	+52 0.0%
52	BOOT BARN HLDGS INC COM BOOT	BOOT	131,637	$20.0m0.77%	0.77%	New
53	SOLARIS ENERGY INFRAS INC COM CL A SEI	SEI	692,502	$19.9m0.77%	0.77%	New
54	NAPCO SEC TECHNOLOGIES INC COM NSSC	NSSC	535,092	$19.0m0.74%	0.74%	Added +26.8k	+26,835 5.3%
55	SPX TECHNOLOGIES INC COM SPXC	SPXC	130,558	$19.0m0.74%	0.74%	Reduced -1.5k	-1,493 -1.1%
56	KULICKE & SOFFA INDS INC COM KLIC	KLIC	402,454	$18.8m0.73%	0.73%	Reduced -50.5k	-50,491 -11.2%
57	SITIME CORP COM SITM	SITM	87,040	$18.7m0.72%	0.72%	New
58	ARLO TECHNOLOGIES INC COM ARLO	ARLO	1,666,482	$18.6m0.72%	0.72%	Added +898.2k	+898,167 116.9%
59	COGENT COMMUNICATIONS HLDGS COM NEW CCOI	CCOI	241,534	$18.6m0.72%	0.72%	Added +285	+285 0.1%
60	IMPINJ INC COM PI	PI	126,407	$18.4m0.71%	0.71%	Reduced -56.1k	-56,074 -30.7%
61	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	175,883	$18.4m0.71%	0.71%	Added +43.2k	+43,220 32.6%
62	CACTUS INC CL A WHD	WHD	307,315	$17.9m0.69%	0.69%	Added +52.6k	+52,552 20.6%
63	BANCORP INC DEL COM TBBK	TBBK	336,167	$17.7m0.69%	0.69%	New
64	CHURCHILL DOWNS INC COM CHDN	CHDN	128,200	$17.1m0.66%	0.66%	Reduced -1.6k	-1,644 -1.3%
65	UMB FINL CORP COM UMBF	UMBF	151,007	$17.0m0.66%	0.66%	Added +28.6k	+28,592 23.4%
66	NORTHERN OIL & GAS INC COM NOG	NOG	454,906	$16.9m0.65%	0.65%	Reduced -156.6k	-156,603 -25.6%
67	NOVOCURE LTD ORD SHS NVCR	NVCR	547,557	$16.3m0.63%	0.63%	New
68	ARHAUS INC COM CL A ARHS	ARHS	1,628,454	$15.3m0.59%	0.59%	Added +256.9k	+256,887 18.7%
69	ACADIA PHARMACEUTICALS INC COM ACAD	ACAD	825,069	$15.1m0.59%	0.59%	Reduced -5.8k	-5,760 -0.7%
70	AKERO THERAPEUTICS INC COM AKRO	AKRO	520,114	$14.5m0.56%	0.56%	Reduced -4.3k	-4,313 -0.8%
71	ORTHOFIX MED INC COM OFIX	OFIX	822,377	$14.4m0.56%	0.56%	Added +89.7k	+89,717 12.2%
72	LENDINGTREE INC NEW COM TREE	TREE	361,220	$14.0m0.54%	0.54%	Added +4.8k	+4,831 1.4%
73	TIDEWATER INC NEW COM TDW	TDW	254,124	$13.9m0.54%	0.54%	Reduced -10.9k	-10,913 -4.1%
74	SKYWATER TECHNOLOGY INC COM COM		988,154	$13.6m0.53%	0.53%	Reduced -125.2k	-125,199 -11.2%
75	BIOHAVEN LTD COM BHVN	BHVN	360,538	$13.5m0.52%	0.52%	New
76	ALPHATEC HLDGS INC COM NEW ATEC	ATEC	1,456,033	$13.4m0.52%	0.52%	Added +770.6k	+770,586 112.4%
77	NV5 GLOBAL INC COM NVEE	NVEE	702,679	$13.2m0.51%	0.51%	Reduced -420.0k	-419,985 -37.4%
78	SPYRE THERAPEUTICS INC COM NEW SYRE	SYRE	546,791	$12.7m0.49%	0.49%	Added +254.2k	+254,222 86.9%
79	PORTILLOS INC COM CL A PTLO	PTLO	1,242,736	$11.7m0.45%	0.45%	Reduced -29.5k	-29,478 -2.3%
80	TRINITY CAP INC COM TRIN	TRIN	802,489	$11.6m0.45%	0.45%	Reduced -2.5k	-2,453 -0.3%
81	CLEARWATER ANALYTICS HLDGS I CL A CL A		414,108	$11.4m0.44%	0.44%	Added +12.1k	+12,126 3.0%
82	URANIUM ENERGY CORP COM UEC	UEC	1,661,299	$11.1m0.43%	0.43%	New
83	COMMVAULT SYS INC COM CVLT	CVLT	70,450	$10.6m0.41%	0.41%	Added +925	+925 1.3%
84	MIRION TECHNOLOGIES INC COM CL A MIR	MIR	607,991	$10.6m0.41%	0.41%	New
85	NATIONAL VISION HLDGS INC COM EYE	EYE	991,100	$10.3m0.40%	0.40%	Added +186.0k	+186,014 23.1%
86	RUSH STREET INTERACTIVE INC COM RSI	RSI	726,489	$10.0m0.39%	0.39%	New
87	NVIDIA CORPORATION COM NVDA	NVDA	69,908	$9.4m0.36%	0.36%	Reduced -1.5k	-1,502 -2.1%
88	FIRST BUSEY CORP COM NEW BUSE	BUSE	386,726	$9.1m0.35%	0.35%	New
89	FLYWIRE CORPORATION COM VTG FLYW	FLYW	430,646	$8.9m0.34%	0.34%	Added +140.8k	+140,821 48.6%
90	BOWHEAD SPECIALTY HLDGS INC COM SHS BOW	BOW	240,466	$8.5m0.33%	0.33%	Reduced -2.2k	-2,167 -0.9%
91	MADRIGAL PHARMACEUTICALS INC COM MDGL	MDGL	27,266	$8.4m0.33%	0.33%	Added +1	+1 0.0%
92	ONESPAWORLD HOLDINGS LIMITED COM OSW	OSW	418,477	$8.3m0.32%	0.32%	Added +353.0k	+352,979 538.9%
93	BLOOM ENERGY CORP COM CL A BE	BE	368,779	$8.2m0.32%	0.32%	Added +345.3k	+345,308 1471.2%
94	JACK IN THE BOX INC COM JACK	JACK	190,867	$7.9m0.31%	0.31%	Reduced -9.2k	-9,200 -4.6%
95	FIRST FINL BANKSHARES INC COM FFIN	FFIN	214,453	$7.7m0.30%	0.30%	Reduced -8.1k	-8,054 -3.6%
96	SPROUT SOCIAL INC COM CL A SPT	SPT	251,350	$7.7m0.30%	0.30%	Reduced -11.7k	-11,691 -4.4%
97	SELECTIVE INS GROUP INC COM SIGI	SIGI	81,667	$7.6m0.30%	0.30%	Reduced -44.5k	-44,458 -35.2%
98	CVRX INC COM CVRX	CVRX	593,898	$7.5m0.29%	0.29%	Added +190.8k	+190,844 47.4%
99	MICROSOFT CORP COM MSFT	MSFT	17,820	$7.5m0.29%	0.29%	Reduced -380	-380 -2.1%
100	LIFE360 INC COM LIF	LIF	176,138	$7.3m0.28%	0.28%	Reduced -45.5k	-45,541 -20.5%

Sold out since Q3 2024

Security	Ticker	Shares held before	Value then
LONGBOARD PHARMACEUTICALS IN		683,642	$22.8m683.6k shares
AVID BIOSERVICES INC PPHM	PPHM	1,448,916	$16.5m1.4m shares
CELLDEX THERAPEUTICS INC NEW CLDX	CLDX	456,202	$15.5m456.2k shares
ONTO INNOVATION INC ONTO	ONTO	71,192	$14.8m71.2k shares
EVERQUOTE INC EVER	EVER	640,032	$13.5m640.0k shares
CLEAR SECURE INC YOU	YOU	292,257	$9.7m292.3k shares
SUN CTRY AIRLS HLDGS INC SNCY	SNCY	705,203	$7.9m705.2k shares
BIOAGE LABS INC BIOA	BIOA	281,317	$5.9m281.3k shares
TARSUS PHARMACEUTICALS INC TARS	TARS	146,298	$4.8m146.3k shares
IRONWOOD PHARMACEUTICALS INC IRWD	IRWD	456,770	$1.9m456.8k shares
AES CORP AES	AES	64,896	$1.3m64.9k shares
PROFICIENT AUTO LOGISTICS IN PAL	PAL	73,699	$1.0m73.7k shares
SUPER MICRO COMPUTER INC		1,562	$650.4k1.6k shares
KLA CORP KLAC	KLAC	490	$379.5k490 shares
REGENERON PHARMACEUTICALS REGN	REGN	357	$375.3k357 shares
COPART INC CPRT	CPRT	6,710	$351.6k6.7k shares
WEATHERFORD INTL PLC WFRD	WFRD	4,098	$348.0k4.1k shares
MATCH GROUP INC NEW MTCH	MTCH	7,121	$269.5k7.1k shares
WILLSCOT HLDGS CORP WSC	WSC	5,425	$204.0k5.4k shares
ROCKWELL AUTOMATION INC ROK	ROK	732	$196.6k732 shares
RAPID7 INC RPD	RPD	4,311	$172.0k4.3k shares
CELSIUS HLDGS INC CELH	CELH	4,858	$152.3k4.9k shares
PACIFIC PREMIER BANCORP PPBI	PPBI	1,200	$30.2k1.2k shares
ALKERMES PLC ALKS	ALKS	980	$27.4k980 shares
VALARIS LTD VAL	VAL	373	$20.8k373 shares